Japanese utilities post losses, seek state support

TOKYO: Japan’s nuclear-reliant utilities reported losses for the third straight year and warned of further electricity rate hikes to pay for surging fuel imports as they face an uncertain outlook for restarting idled reactors.

Six of Japan’s nine big regional power companies, all of which own reactors, reported a combined net loss of US$3.3bil as they face the rising fuel costs and also spend billions of US dollars to upgrade nuclear facilities to meet new regulatory standards.